Cox ABG Group (COXG) Q2 2026 earnings summary

Executive summary

• Completed the acquisition of Iberdrola México (now Cox Asset México), transforming the group’s scale, asset base, and earnings profile, with 27 owned operating assets and 3.9 GW generation capacity.

• Transitioned to an Asset Co model focused on long-term, contracted, cash flow-generating infrastructure assets, now the main earnings and cash flow driver.

• Service Co maintained a healthy backlog and margins despite project execution delays from geopolitical volatility, with backlog up 24% year-over-year to €3.34 billion at an 11% margin.

• The group now operates in 21 countries, with 91.8% of sales generated internationally.

Financial highlights

• Pro forma H1 2026 revenue reached €1.24 billion, up 2.5x year-over-year; adjusted EBITDA €245 million, up 3x; EBITDA margin improved to 20% from 16%.

• Reported H1 2026 revenue was €894 million, adjusted EBITDA €94 million, and net income -€112 million, reflecting only two months of Mexico and acquisition-related financial expenses.

• Operating cash flow conversion improved to 52% in H1 2026; operating cash flow rose to €129 million, more than 3.4x higher than H1 2025.

• Net financial debt at €3,299 million, leverage ratio 4.9x, and group average debt maturity ~6.5 years.

• Service Co revenues declined 3% YoY to €374 million, with EBITDA impacted by cost inflation and project delays.

Outlook and guidance

• Focus remains on execution, backlog conversion, cost absorption, margin recovery, and rapid deleveraging, especially in Service Co.

• No specific full-year 2026 guidance provided for EBITDA or net income.

• Growth to be concentrated in six key regions: Mexico, Central America, Chile, Brazil, Africa & Middle East, and Spain.

• Strategy centers on expanding Asset Co in strategic regions, disciplined capital allocation, and organic deleveraging.